India pushes for fair climate financing and equity at COP29

New Delhi: Outlining its core expectations from the COP29, India has said COP 29 should ensure the “climate finance” particularly for vulnerable communities in developing countries and called upon the developed nations to ramp up their climate ambitions.

India and more than 190 other countries have gathered at this Azarbaijan capital for the annual climate negotiations, COP29, under the United Nations Framework Convention on Climate Change (UNFCCC).

India emphasised that discussions at COP29 should prioritise the adaptation needs of vulnerable communities, with finance being “adequate, predictable, accessible, grant-based, low-interest, and long-term”.

India will continue to call for respecting the equity and principle of CBDR, which recognizes that while climate change is a global issue, developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance.

The COP 29 must hold the principle and provisions of UNFCCC and its Paris Agreement and prevent the imposition of undue obligations on developing nations, said the sources.

According to sources, India expects the establishment of carbon market mechanisms under Article 6 of the Paris Agreement that utilise carbon credits to incentivise low-carbon development, without creating barriers to trade.

In a landmark decision on the first day of the global climate talks here on Monday,COP29 officially adopted the new operational standards for a mechanism of the Paris Agreement under Article 6, setting the stage for a global carbon market.

The Article 6, which is part of the carbon credits, allows countries to emit green house gases that warm the planet if they offset it elsewhere through various measures, including large scale forest plantations.

On the energy transition; India said the COP 29 should ensure that it is just, and is achieved in nationally determined manner.

India, as a country highly vulnerable to climate impacts expects from COP 29 to emphasize on enhancing adaptation actions and resilience. This includes the need for enhanced support for achieving the targets agreed under global goal on adaptation particularly in sectors like agriculture, water resources, and urban infrastructure.

Highlighting the “loss and damage” related to climate impacts, Sources said India expect that at COP 29; there are additional commitments for mechanisms to finance loss and damage.

India would continue to engage in discussions around the strengthening of collective global climate action and call upon the developed countries to ramp up their climate ambitions.